We are here with megan murphy, lets start with the back of the magazine, peter metcalf. Im excited we are starting with the game changer, because we dont focus on a lot and it is focused on people doing things you should know about. A little known fact about me, i am of former big time alpine mountaineer. Are you serious . Who knew . In the mountaineering community, they are primarily known for very technical products. Peter is particularly interesting, he has used his position, he stepped down in 2016 from the company, but he used his position and the Outdoor Industry to motivate them around issues that are important. These are our Good Business issue, we want to highlight people doing things that tiein to their position in the business world, maybe it is a political point of view, things they think are worthy of society. He wanted to talk about the stripping back of federal protections for land. This is a huge industry. It cannot be understated. This is before President Trump and of the controversy we have seen about federal lands under this administration. We have talked about this before, there has been specific action by the administration to take lands that were formally federally detected around monuments, particularly in the west, causing a huge amount of controversy. Federal protections of public lands in america and in other countries around the world is a scene by many people as a natural right, they have a right to see the beauties and natural treasures. Myself included. That this is something every human should experience with their own eyes. Peter metcalf has been at the forefront. He is tied the Outdoor Industry to protecting our land. Think its another example of summary in the private sector saying government, i dont like your message and i will take care of this. He did this first in the outdoor apparel show, everyone supported this, saying this has to go into a statement that is what we believe in, access to the wilderness, these spots we want to protect. What are the plans . He was big mountain climber. Yes someone at some of the worlds biggest mountains. He does a lot of adventure activities. We talked how he has been kite surfing in greece. This is a man who has a voice and cause. I would not expect the cure from him, he will be a force i think or moralizing in terms of his space in san francisco, and a force we have yet to see, he is nowhere near done. Trying to protect another significant industry in this country. Speaking of a force for morals, from the back to the front of the magazine, a hit you so square between the eyes. Its been such a dominant thing this year. That is metoo. It is impacting Different Industries and i think how people are approaching women, the world perhaps differently. Im so glad you said the keyword, which is women. Metoo and this moment of reckoning we are seeing is really about treatment of women and how women have fared and in some cases been overly overtly assaulted, harassed, held back, and in some cases, much less quieter way that women are treated in society and industries. This takes a look at one that is fundamental, and that is the magazine culture, the sexualization of women, how women are made to feel about their bodies and how they are made to feel how they look. How women are made to feel they need to act. This National Reckoning is extending into some of these more quiet, furtive, accepted ways women are put in society. These remarks really move me. We have more on them. The Harvey Weinstein allegations started in early october, and within about a week, the Metoo Campaign has started. I remember opening facebook and twitter one day and it was this cavalcade of stories. People i knew. The woman and having reported on Sexual Harassment, before i was aware of how prevalent it was, i knew the statistics, but it is different to see it in a numerical form and then find someone you grew up with sharing the story of something that happened to them 10 years ago and you never knew. I think for women and men, it felt overwhelming for a while. It calmed down and now it is in the news every day. You wake up and people are making jokes, who is this going to be . There have been rumors about people for years. The louis c. K. Stuff was out there. There were some whispers about whether or not he was going to get caught up in this and he was. One after the other after the other. I think what has happened is this is something women have known about for a very long time. Only now do they have a platform to be able to talk about it openly and in a way they feel couple doing and actually be believed. A lot of people are wondering too, weve had discussions before, but is this time different . Is Something Different happening . I think so. I wrote a story last your best Sexual Harassment and white was so prevalent. Last year about Sexual Harassment and why it was so prevalent. What we call in media as the peg. The reason for it. Originally it was going to be about that and it turned into everywhere i turned, there were similar stories in every industry. Women working at all levels. We wrote something, and it got response, but, you know, for the most part companies were not saying oh my gosh, we had no idea, were going to change everything. It was still just sort of status quo, a lot of sort of legal checks, things employers can use to get around allegations. Arbitration, settlement clauses. All of that still exist but they are being called out on it. You are telling me that we are starting to see an evolution in terms of how people think about, men how they think about women because of the stories that have come out, but yet you still talk about hollywood, and how that if you look at the script and how they write about women characters, it still shows that that has not changed in hollywood despite all of the stuff that has happened. I find this fascinating. I do too. Before talk about hollywood, i will say that advertising has changed quite a bit. You can turn on the tv and find men in detergent commercials. There is a cute one where a man is playing fairy princess with his daughter. You named this great statistic, 40 of households and the United States have female breadwinners. You do have a significant proportion of men who are stayathome, dealing with these kind of things. Even if it is both parents work and earn equal amounts of money, not one particular parent is going to be doing the laundry. Everyone has to figure that out because they have to sell their stuff and they need you to feel like you have a relationship with this product. Hollywood does not necessarily have that. If you go to a major movie, the chances are, especially in blockbusters, it will be more stereotypical. You wrote about how in the script they described a woman. Tell us about that. Laster, there was a producer who started a twitter account, and he is a producer and he also reads scripts. He started just writing his tweets are essentially descriptions of female characters in movies. He anonymized them all as a jane so that writers are not being called out. Jane is a stunner even for her age. Jane, 13, just coming into her womanhood or Something Like that. That is quite benign. [laughter] they are just very bizarre. The description about their looks. Their looks or how you the viewer are supposed to feel about this woman. That is assuming that you the viewer are a man. It is still very common to write like that. Up next, up a two to model next, a potential model for peace in the middle east in the form of a soda factory. And the upstart selling muscles and mumbai. This is Bloomberg Businessweek. Welcome back to Bloomberg Businessweek. You can find us online at businessweek. Com. And on our mobile app. This week, a special section devoted to Good Business. Businesses mixing profits with good deeds. We talked about putting it all together. Just about anything could constitute Good Business. When you look at what a lot of companies are doing, you find that there are a lot of Companies Looking to do things like help people get more fit in india, which is a story we wrote about. Or you look at academia and higher education, not usually a place with a lot of innovation, but you have someone like Mitch Daniels at the university doing a lot of innovative things. We spent the year trying to scour for stories like that. If you like there is a theme that crosses the stories, someone going above and beyond the call of duty in many ways. They are passionate about something, they want to disrupt, they want to change, bring greater awareness. That is the biggest theme, beyond the business they are running. That is very right. We look at in india, we look at the gym chain. It is a fascinating story. India as early as the 1970s had instituted caloric minimums. People were so underweight that the government said you have to eat this many calories. An economic boom happened and now they have all the problems we have in the west of obesity, diabetes, and a quarter of all the people who have heart attacks and india, a quarter of them are younger than 40, which is insane. I find this shocking, because when i think of india, i think of yoga. I think everybody in india does it yoga. [laughter] its not a big deal. Its not. Something like 97 of india does not do yoga. It is very small. And this gym chain has recently opened Something Like 20 locations in bangalore in one day. They now have more than 200 locations. Theyre trying to bring fitness to india. Its interesting what he is doing, hes growing a lot. Hes also trying to, as you say, him they dont have physical education for kids and theyre trying to reeducate the society. And it is working. Huge growth, as i said, they opened 20 gyms in one day. For a lot of people going to the gym, theyve never seen Fitness Equipment before. The idea of this western gym experience is new. Its really strenuous. Its not coming from the government. No, this is all private. They are not putting enough. Speaking of education, lets talk about Mitch Daniels. He is a man also making a difference. Radical in the education sphere. Higher education is not a sphere where there is a ton of innovation, it moves very slowly. Mitch daniels took over, twoterm governor of indiana, known as the blade because of his cutting of budgets. He takes over at purdue and immediately does things colleges dont do. One, he froze tuition. For six straight academic years, tuition will be under 10,000. This is that a time when a lot of competitors are seeing tuitions rise and rise, primarily because of a lack of state funding. He froze tuition. Hes doing other innovative things, offering something called degree in three, which will allow you to come in, and if you are willing to stay on campus for two summers, which is not the most fun thing, but you can graduate in three years, which will save you about 10,000. Tell us about the ceo of sodastream. He is another interesting character, someone who wants to change the world. He is a really fascinating guy. Sodastream is a fascinating company. Think that the 2014, there were boycotts. A factory in the west bank, boycotts saying it was an occupied territory. His whole thing, you can call it a shtick or not, you look at the gaza strip and you have 40 unemployment. You look at mainland israel, 4. 5 unemployment. You cannot have peace in the middle east until you have economic equality. His argument is, i have a way in, we just have these factories. He moved the factory out of the west bank into the largest bedouin city in the world. He has palestinians working to israelis and jews and egyptian jews, russian jews. Peace through the workplace. Exactly. His argument is, if everybody did what he is doing, all of the tensions would go away because instead of treating people like the other, you would say, i know this guy, i work for him, he works for me, we get along great. That is what he is selling, whether it can bring along piece is another question. Gracing the cover of our Good Business issue this week is microsoft ceo satya nadella. Obviously he is a very powerful man, he runs an enormous company. We try to humanize him in this, and not put him in a formal light like youre used to seeing him. He chose his own wardrobe. This is his casual attire. He is sundrenched and leaning against the railing. He looks fairly content. We thought it was a nice feeling. And company like microsoft where you have two iconic leaders so identified with the coming, you have to make your mark, its not always easy to follow. He is making his own mark and he will be a different kind of ceo. One of the takeaways from the interview, he is very empathetic. I think there is also the fact that this issue is the good issue, and it made sense to play this up. The headline is he is the empathy officer. Up next, reasons to be optimistic about raises. And disney becoming the walmart of hollywood. This is Bloomberg Businessweek. Welcome back to Bloomberg Businessweek. You can also listen to us on radio on sirius xm 119 and on am 1130 in new york, 1061 in boston, 99. 1 fm in washington, d. C. And in the bay area. And in london and asia on the Bloomberg Radio plus app. You in the business section, a look at how big an influential disney could be after it gobbles up fox studio. Here is reporter gerry smith. Disney was already a huge force in hollywood, now youre talking about having the fox studio is part of disney, that gives them a lot more negotiating leverage with movie theaters, for example. You are talking about disney having pixar, having the star wars films, and now combined with fox, you also have a huge franchise in avatar, which has a has four sequels in the works. If are talking about numbers for the movie specifically, box office receipts. Disney, when it is negotiating for films with theater chains, there is a negotiating about revenue share, usually it is 5050. Disney now has so many successful movies like a star wars movie, it could use that leverage with theater chains and demand a higher revenue share. That is something they could potentially do with some of the fox films, as well. Whenever you see this kind of combination, you wonder about how this changes the landscape in the entertainment and media world, how it changes hollywood. Disney paid billions of dollars for the bulk of 21st century foxs efforts. It is a big deal. How does it reshape everything . Is a huge deal for hollywood. Specifically, disney is making a big bet on the future. Bob iger believes that in the future, we are not going to be signing up for as much cable tv or going to movie theaters. What he wants to do is create streaming services that go direct to consumer. You can subscribe online and never leave the couch. What this means is disney already plans to introduce a streaming service for a lot of its movies in 2019, and they could potentially use some of those fox movies for part of that, even potentially hold back some of those movies from being in the theaters and go direct to consumer as part of the Disney Streaming service. Doesnt make disney more powerful when it comes to negotiating for content . Everybody needs content on all these services. Where does that put disney in the stacking . That is interesting, because maybe five or six years ago, a deal like this be really huge for people selling their ideas in hollywood. Now, you have taken away a buyer, because fox and disney are under onerun, but you also have new buyers. Silicon valley companies, apple, facebook, amazon, netflix are all huge buyers of content right now. In some ways, it does take away a buyer of film and tv ideas, but you have something more buyers of content in hollywood than before. Productivity in the u. S. Has been depressed for a decade, but finally showed signs of life this year. We talked to our editor about what this may mean or Capital Spending but also paychecks. Its going on about 1. 5 growth, but this is after years of barely anything. It was 2. 7 per year, up to 2000 and the eve of the great recession. The highlight this year is we are seeing Services Start to pick up. Services are 64 of the economy. A big, important thing. The reason is capital expenditure. Businesses are going beyond replacing older equipment to buying new equipment, investing in r d, software and other technology. That is beginning, it is powering the uplift. We are all more productive, we are going to be kicking out more stuff. What is that mean for the economy . Hopefully some of us will get raises. Another thing we havent seen for many years. Every time the unemployment data comes out, we see that more and more people are working, you would assume of the wages would start to increase but we havent seen that. Janet yellen testified before congress of the end of november and said that productivity, she thinks that is the reason wages have not been growing. Once we see that sort of start growing more robustly, that will enable companies to thing about getting wage increases. So right. It also raises the Growth Potential of the economy. It puts us on a higher track. It would allow the fed to start lifting Interest Rates without worrying about choking off growth. That is important because when the next recession comes around, central bankers are around the world are worried about how they will fight it when Interest Rates are so low. Is a lack of ammunition there. Lets get back to what you were saying about wages. The conundrum for businesses if you dont have productivity, if you try and raise wages, you also have to raise prices for consumers. What were saying now, if we are starting to see productivity rise, they can do one without the other, which is critical. That is right. You are making more with the same number of workers. In the service sector, what is going on until now, and we think the Capital Spending increase is because people were able to hire more, wages were stagnant, and the choice was usually, take more people on rather than invest in automation. We have a nice anecdote in our story about a 14,000 sushi rolling machine. 14,000 for a small restaurant, that is more than half the wage, the annual wage of a worker. You start to look at this thing, it can make 200 roles an hour. A sushi chef can make 50. So the calculus begins to change if you see that wages, the employment is driving up wages because the labor market is tightening. Next, the opioid detective that is not always right but still in high demand. And why more and more women love Ashley Stewart. This is Bloomberg Businessweek. Cannot live without it. So if you cant live without it. Why arent you using this guy . It makes your wifi awesomely fast. No. Still nope. Now were talking it gets you wifi here, here, and here. It even lets you take a time out. No no yes yes, indeed. Amazing speed, coverage and control. All with an xfi gateway. Find your awesome, and change the way you wifi. Welcome back. Still ahead in this weeks issue, handheld device that helps cops fight the opioid crisis. And what you need to know about if you are curious about bitcoin. And how Community Helps the Ashley StewartBusiness Model works. All of that, ahead on Bloomberg Businessweek. We are back with Bloomberg Businessweek editor in chief megan murphy. In the technology section, i love the story. We talked about the evidence man and the role he was doing in fighting opioid addiction and using new and novel ways of doing it. This is a story about a device called true narc. We talk so much about the opioid addiction and it is ravaging americans and the american economy. This is the device being marketed that can test positive for fentanyl, a deadly drug being mixed in a wide variety of opioid products. Literally, they say a grain of sand is enough to kill you. This is why Police Forces across the country really need a way to test for it that they cannot touch it, smell it, it masks itself in substances that look like other street drugs. And this is why it is such a huge problem and why the demand for this device, it is expensive, 22,000, or so many cashstrapped Police Departments facing the ravages of this epidemic, from how they see families to held a police, are looking for something, anything to help them. The Trump Administration has said this is one of their major initiatives, to go after the opioid crisis. Where is the federal money to put this device in the hands of lawenforcement . It is a huge issue. We have seen it even play out in the past few weeks and tax reform, where is the money that is going to do this promise of combating the Opioid Epidemic . Fentanyl is lethal and it is now so widespread. I think we have to be realistic as a country in that how to fight this epidemic starts with getting the funding and it starts with education, starts with ways that are expensive and timeconsuming and needs a cultural shift. But we cannot keep waiting on the sidelines of this epidemic, it is a sweeping through, particularly rural parts of the country. I think its great the magazine stays on the crisis it seems like all most every week. There is so much money in this industry, i feel like with a lobbyist in washington, it is hard, i feel like, to get significant change because of these relationships out there. The government and private industry. Absolutely. Here is another thing, the Opioid Epidemic is most prevalent in the most disadvantaged communities in the country. The ones that dont have a political voice. This started in a poor, urban, appalachian areas. It has reached a tipping point. We stay with it in the magazine because we see that. Speaking of a forgotten community, this is more of the, Ashley Stewart is going in the retail world, after two segments of the market that really have been forgotten. It certainly is. Ashley stewart is a miracle story, they survived to bankruptcies. It focuses on africanamerican overweight women. That is a sector that is among the most neglected in society, let alone in the retail industry. It is a positive story. A story of one mans belief in his communities, and kinship among women. And i love the name. We are going to get more on the reporter in a moment, she was moved by the workers and what the stores are doing. Think we all are. To go anywhere, i am someone who obviously loves fashion. To go to a place where you feel that you are embraced for who you are and what you stand for and who you are as an individual and not about what you look like, how much money you make, that is what actually stewart is about. We have teed her up for you. Ashley stewarts clientele is primarily africanamerican women, and they are plus sizes. Sizes 1226. Online up to 32 this is an amazing story for many reasons, it is a successful retail story. They filed for bankruptcy but they are doing well. They are, and they are really committed to brickandmortar. Their 89 stores are primarily in urban, black communities. They are really, strongly committed to keeping those stores hubs of the community and having instore events. That is what they have always been, that is where Ashley Stewart has found success, and these are stores that places where women feel good about themselves. This is the critical point, as well. They do cater to a neglected subset of the female population in many ways. They are about empowerment, rather than pigeonholing women in what they should be dressing. And women who are street size, 0 to 12, this is not revolutionary. But when you are consistently told that your body is not attractive, that you are not attractive, that you are unseen, you are invisible, to have the kind of close you want to wear to have sexy lingerie, crop top, tight jeans, that is great. These stores first opened in harlem, newark, bed sty. The brand has always been about treating the customer well and differentiating on that in a time when maybe customers were not treated so well or afforded some of the luxuries that higher end places do. Or there wasnt even any products. That was a big part of it, as well. When they opened in the early 1990s, they had a store security wore tuxedos, that was a big part of who they wanted to be. They gave roses to customers, didnt they . Yes. Who is leading Ashley Stewart . As carol said, it is have a pretty torrid time, even with the success. Everything about the story is improbable, including the ceo is a guy named james ri, a child of korean immigrants. He comes out of private equity. He has not run an operating company before. He had been primarily an investor. He was a High School Teacher at one point, he has a law degree, a very eclectic history. He took over this company about three years ago. He knows the company well, though. Right. He was part of the investing team in 2010 when it filed for its first bankruptcy. He led the team at that time. He could tell you he had a vision about what the company could be. Some of that vision came to pass, some of it did not. Hurricane sandy happened, the retail environment changed. He left that firm. The turnaround was incomplete, youthe turnaround was incomplete, to say the least. He got a call back in 2013 saying, look, this is not working out, we are heading for bankruptcy, real liquidation, can you come back and help . And he did, and i think he has, there is a bit of it where he believes he was right. He really thought that initial investment thesis was not wrong, and he was going to prove it. Up next, the winning ground game in alabama for doug jones. In the rise of lobbyist turned regulators in washington. This is Bloomberg Businessweek. Welcome back to Bloomberg Businessweek. You can also find us online at businessweek. Com. And on our mobile app. A peek inside the Successful Senate campaign of doug jones in alabama. And how he was able to get africanamerican turnout to exceed president obama in 2012. One of the reddest states in the union, they had not elected a democrat in 24 years. That person was richard shelby, who soon thereafter switched to the republican party. This is the state that has really come up for all intents and purposes, no real Democratic State infrastructure or party that has many links to it. Even before he won, people were thinking about it as, he had already pulled off the improbable. He had funneled millions of dollars of outside democratic money into the state without raising the hackles of conservatives who are wary of outsiders and national democrats. He had built up in a lot of ways through his campaign a state party that was sporadic and almost nonexistent. Everyone heard the allegations against roy moore, was this actually a doug jones when or a Roy Moore Loss . Particularly given the politics you just talked about. That is a totally legitimate criticism. When you look at the question we want to raise, whether this transfers at all, whether they can duplicate the success that doug jones had and spread it to other states, particularly red states in the 2018 midterms. Not get the fundraising advantage that doug jones had over why more. He doubled him up. That is not likely to happen again in any other senate race. Youre not going to be able to replicate a polarizing candidate like roy moore. What lessons do translate . You look at the coalition he was able to build between moderates, young people, and the africanamerican turnout, which was quite substantial. You look at places like tennessee and texas, immigrants are hoping they will be in play democrats are hoping they will be in play next year, that is part of the playbook that they will want to take advantage of. It is interesting, they were really on the ground and on the phones. It made a lot of phone calls, knocking on doors, going out to get the vote. That is right. And they were very careful. One of the most interesting comments we have in here is from somebody at the dnc, which is, they could not be overt about this. The last thing they wanted to do was nationalize the campaign and get, you know, this to be running on issues like abortion and gay rights, for example. They wanted it to be about a local candidate who looks like the district, strong guy, but they had to be very careful about raising this to the level of a national campaign, which is why, you know, you do not see people like president obama being very active there, cory booker came in a very late. It were very careful about how to do that. When you talk in the article that you talk about some of the supporters were galvanized to action. What specifically was it that was garnering that energy . I think it speaks to the larger Resistance Movement out there. Doug jones is a former prosecutor, wellknown intima circles inmocratic alabama. To the degree that he was able to energize people as a personality, as a candidate, i think it went much beyond that. With the trump in the white house and turning off a lot of moderate conservatives remember, alabama voted for him hands down, one of the biggest margins he had of any state. It was a knock on a trump, and certainly a knock on roy moore. And i think you saw a lot of enthusiasm and energy in a part of the country where the Democratic Party has not been competitive for generations. Staying in politics, the Trump Administration nears the oneyear mark. And the repercussions of lobbyists turned regulators can be seen throughout. Why is bernhardt getting attention . He is the newly appointed number two official in the interior department. It oversees federal land and drilling on adderall land and water in such issues. He is getting attention because he came into that role from being a lawyer in private practice with a very long list of clients. Which is not unusual for a Natural Resources lawyer, but he has created some challenges, he is at an agency dealing with his former clients. You have noble energy and various mining companies. A long list of clients that now are petitioning the agency. You are seeing, he has taken a lot of steps to mitigate that, he is complying with some recusal requirements. At the same time, they are making policy decisions at interior that match the former client wishes. I want to talk about the broader story. It is pretty significant in terms of lobbyists turned into regulators. With bernhardt specifically, there was a pipeline, it was not allowed to go under the Obama Administration, but with the new administration of regulator, something is happening. In his previous role, he worked with a los angeles developer and helping them, trying to help them get federal approval for a pipeline that would send water from the Mojave Desert to los angeles. He was blocked by the Obama Administration. Just in the last year under the Trump Administration, a complete reversal and policy. The interior department saying the government approval is not needed to lay the pipe in an existing rightofway after all. That is a specific case. Lets talk about the broader story. We are one year into the Trump Administration, and what we are seeing, and very senior positions in the administration and even lower positions, but who can still change policy, they were lobbyists and are now regulators. To some degree, it is nothing new. Administrations of all stripes have picked people from the private sector. Democratic administrations, president obama pulled from environmental immigrations. Environmental organizations. Republicans tend pull more from the business side. Were seeing a lot of that. To a surprising degree, the number of people who were executives or lobbyists for private enterprise are now in charge of the same issues they used to work on. Another example, a mining executive now in charge of mine safety. A chemical lobbyist writing a chemical safety rules. A politician to consider for deepwater drilling now policing that activity. Why does it feel that, to be fair, one of the feel like now that we have the fox in charge of the henhouse, when it did not feel like that under the Obama Administration . I talked to Democratic Senators that say the volume is just so much more now. You are seeing it from the top and throughout the rig the federal government. At epa, the administrator, scott pruitt built his career suing the agency he is now in charge of. Down through the ranks of agencies such as epa, you see a former lawyers and lobbyists working critically of regulations they previously sought to weaken. It starts at the top and is reaching into the ranks of federal government in a way that is surprising some folks on the hill and public government advocates. Next, the bitcoin market trying to attract Goldman Sachs. This is Bloomberg Businessweek. Welcome back to Bloomberg Businessweek. You can listen to us on the radio on sirius xm 119 and on a. M. 1130 in new york, 99. 1 in washington, dc and in the bay area. And in london and asia on the Bloomberg Radio plus app. In the technology section, a website is used by cryptocurrency buyers. It is trying to prove it is safe enough for Goldman Sachs. Coinbase is one of the most popular places to buy bitcoin. It is like a household name. How much is going back and forth . They have exchanged 57 billion dollars with a Digital Currency in 2017, the last number i heard from them. That is a lot. They have got to be excited by the attention that all of a sudden the world is a spinning world seems to be spending on bitcoin and digital currencies, and the meteor cries of bitcoin. The meteoric rise of bitcoin. I think it is exciting, it also poses challenges. This is a 225 person company. In a lot of ways, is still a startup. It is on one floor. It still has start of term when you walk in. There is a pingpong table, a beer fridge, but they have doubled the size of the companys year and they will double again next year. They are ultimately looking at an ipo. They are sort of growing up. Who is behind it . Cofounded by a man named brian armstrong. He was in the tech world. A lot of the guys are from silicon valley. Coinbase has two separate exchanges. Coinbase. Com is for retail investors, and they also have an Asset Exchange that is for institutional money. How much is institutional . And dont have a breakdown but i continue that by account but what i can tell you is that by account numbers, most of the customers are retail investors. Most of the Trading Volume is from institutions. When i say institutions, i mean small cryptocurrency hedge funds. More than 100 of those have popped up just this year. Not really retail funds . The ceo said to me it is not Goldman Sachs yet, but i think it will be. Lets explore that a little. Thats what they want to do, they kind of want to use coinbase and Digital Finance to revamp money. They want to reinvent the Global Financial system. What they see in five to 10 years is a world where maybe you dont have to go to a bank to get along. You could do it online through a company like theirs using Digital Currency. Theyre all the steps they have taken to get there. The first up was creating an exchange and targeting retail investors, the everyday person. The next step is targeting the big wall street money. Lets talk about the wall street money. I feel like we get mixed messages from wall street, folks say bitcoin makes no sense, and yet they certainly are spending more r d time and money on bitcoin and its uses. Does coinbase need these big Financial Firms . To meet their goals . It would certainly help. If people like jamie dimon that says we will fire anyone who trades bitcoin. But all the clients are asking for it, but they have to worry about Reputational Risk or customer rules, and they realize that in offering products to try to solve that problem. I think they need Regulatory Oversight to be legit. I assume they expect that. Do they want that . That had a pretty friendly attitude toward regulators. The way they are currently regulated is a patchwork system through states. They have licenses in 38 or 40 states, and they are federally regulated. But not by the big traditional financial regulators you think about. We may see that happen at some point. Bloomberg businessweek is available on newsstands now. And online at businessweek. Com. Both of us this week fell for the metoos movement story. She talked about how we are seeing cultural institutions and how they are changing writing about women. We are seeing a slight changes. And yet she contrasted it with hollywood scripts and the way they describe women. Perhaps greater work needs to be done. Loads to be changed but im glad the conversation is happening. We are talking about at least. More Bloomberg Television begins now. Rishaad coming up, the years most compelling conversations on business and finance in asia. Jack ma shares his insight into alibaba and the future of business in china and around the world. Jack i believe when trade stops, war starts. Rishaad Haruhiko Kuroda makes the case for stimulus in japan as other banks pull back. Gov. Kuroda prices are not right. Here, theres a kind of differential mindset. Rishaad australias president